New York Fed manufacturing index in negative territory despite September rebound

ANKARA

The New York Fed manufacturing index rebounded in September, but still remains in negative territory, according to a report released by the Federal Reserve Bank of New York on Thursday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, climbed 30 points to minus 1.5 in September.

The index stood at minus 31.30 in August, the lowest reading since May 2020 and the second-largest monthly decline on record.

Readings above zero indicate improving conditions, while levels below that show worsening conditions.

“Labor market indicators pointed to a modest increase in employment and no change in the average workweek. Price indexes moved notably lower, pointing to a deceleration in price increases,” the New York Fed said.

“Looking ahead, firms were not very optimistic that business conditions would improve over the next six months.”​​​​​​​